The 3 legged milking stool..

P

Pipman

I heard a guy use the analogy of a 3 legged milking stool to describe a successful business.

If any leg was missing or weak the stool falls over.
In this instance the legs were
1. Marketing
2. Finance
3. Technical know how of the actual business.

If trading is a 3 legged milking stool, what are the legs and why?
 
Execution
Capital
Good Analysis/System "edge"/positive expectancy
Confidence to trade
Good soft/hardware/platform backup/infrastructure

Not necessarily in any order, but I guess this stool has more than 3 legs.

Quote from Pipman:

I heard a guy use the analogy of a 3 legged milking stool to describe a successful business.

If any leg was missing or weak the stool falls over.
In this instance the legs were
1. Marketing
2. Finance
3. Technical know how of the actual business.

If trading is a 3 legged milking stool, what are the legs and why?
More...
 
Quote from Pipman:

I heard a guy use the analogy of a 3 legged milking stool to describe a successful business.

If any leg was missing or weak the stool falls over.
In this instance the legs were
1. Marketing
2. Finance
3. Technical know how of the actual business.

If trading is a 3 legged milking stool, what are the legs and why?
More...

It's arguably the same:

1. Marketing = charts/data/indicators
Finding pent up supply or demand is the name of the game.

2. Finance = trading account/money management
A given.

3. Technical know how = your system
'System' is used broadly here and includes all of the
psychological aspects of applying a system too.

JT
 
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